Stryker (SYK) Q1 FY2026 earnings: revenue $6.0 billion, up 2.6% on the year

Stryker Corp. (SYK) reported revenue of $6.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 2.6% on the same quarter a year earlier. Net income was $745 million, up 13.9% on the year, and diluted earnings per share $1.93. The figures are the company's own, from the 10-Q it filed with the SEC on 11 May 2026.

Revenue

$6.0 billion

+2.6% on the year · -16.1% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

15.5%

14.3% a year earlier

Q2 FY2024Q1 FY2026

Net income

$745 million

+13.9% on the year · -12.2% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.93

+14.2% on the year · -12.3% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 kept.

Net sales rose 2.6% to $6.0 billion: Net sales were $6,020 million against $5,866 million, up 2.6% reported and 1.0% in constant currency. Organic growth was 2.4%.
Reported EPS rose while adjusted EPS fell: Reported diluted EPS was $1.93, up 14.2%. Adjusted diluted EPS was $2.60, down 8.5% from $2.84, after excluded items such as amortization and special charges.
Orthopaedics organic growth of 4.1%: Sales were $2,813 million against $2,810 million, up 0.1% reported and down 1.8% in constant currency. Acquisitions and divestitures reduced reported growth by 5.9 points.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	6,020	7,171	5,866	-16.1%	+2.6%
Cost of revenue	2,210	2,543	2,122	-13.1%	+4.1%
Gross profit	3,810	4,628	3,744	-17.7%	+1.8%
Gross margin	63.3%	64.5%	63.8%
Research and development	413	401	405	+3.0%	+2.0%
Selling, general and administrative	2,281	2,227	2,300	+2.4%	-0.8%
Operating income	936	1,804	837	-48.1%	+11.8%
Operating margin	15.5%	25.2%	14.3%
Interest expense	148	154	137	-3.9%	+8.0%
Pre-tax income	850	1,705	764	-50.1%	+11.3%
Income tax	105	856	110	-87.7%	-4.5%
Effective tax rate	12.4%	50.2%	14.4%
Net income	745	849	654	-12.2%	+13.9%
Net margin	12.4%	11.8%	11.1%
Diluted EPS	$1.93	$2.20	$1.69	-12.3%	+14.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	581	2,143	250	-72.9%	+132.4%
Capital expenditure	166	268	123	-38.1%	+35.0%
Free cash flow	415	1,875	127	-77.9%	+226.8%
Free cash flow margin	6.9%	26.1%	2.2%
Cash from investing	-185	-305	-4,136
Cash from financing	-1,510	-1,093	2,534
Depreciation and amortisation	397	416	361	-4.6%	+10.0%
Share-based compensation	87.0	48.0	84.0	+81.2%	+3.6%
Dividends paid	337	321	320	+5.0%	+5.3%
Dividend per share	$0.88	$0.88	$0.84	0.0%	+4.8%
Diluted shares, weighted	386m	n/a	386m		+0.0%
Shares outstanding at period end	383m	383m	382m	+0.2%	+0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	22,979	22,420	20,930	+2.5%	+9.8%
Debt	14,723	15,859	16,781	-7.2%	-12.3%
Operating lease liabilities	350	348	414	+0.6%	-15.5%
Other liabilities	8,239	9,217	7,881	-10.6%	+4.5%
Total liabilities and equity	46,291	47,844	46,006	-3.2%	+0.6%
Fixed assets	3,887	3,876	3,536	+0.3%	+9.9%
Goodwill	19,188	19,291	19,089	-0.5%	+0.5%
Intangible assets	5,516	5,681	6,132	-2.9%	-10.0%
Investments	87.0	89.0	89.0	-2.2%	-2.2%
Cash and equivalents	2,878	4,011	2,320	-28.2%	+24.1%
Receivables	3,571	4,039	3,961	-11.6%	-9.8%
Inventory	5,419	5,310	5,105	+2.1%	+6.2%
Other assets	5,745	5,547	5,774	+3.6%	-0.5%
Total assets	46,291	47,844	46,006	-3.2%	+0.6%

Questions

What was Stryker's revenue in Q1 FY2026?

Stryker (SYK) reported revenue of $6.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 2.6% on the same quarter a year earlier.

How much did Stryker earn in Q1 FY2026?

Net income for Q1 FY2026 was $745 million, up 13.9% on the year, and diluted earnings per share $1.93.

When did Stryker report Q1 FY2026 results?

Stryker filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 11 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023 †	Q4 FY2023	Q1 FY2024	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 †	Q1 FY2025	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,701	4,275	4,493	4,479	5,202	4,778	4,996	4,909	5,815	5,243	5,422	5,494	6,436	5,866	6,022	6,057	7,171	6,020	6,589	6,520
Cost of revenue	1,656	1,541	1,667	1,697	1,966	1,762	1,815	1,751	2,112	1,910	2,006	1,977	2,262	2,122	2,181	2,205	2,543	2,210	2,091	2,272
Gross profit	3,045	2,734	2,826	2,782	3,236	3,016	3,181	3,158	3,703	3,333	3,416	3,517	4,174	3,744	3,841	3,852	4,628	3,810	4,498	4,248
Gross margin	65%	64%	63%	62%	62%	63%	64%	64%	64%	64%	63%	64%	65%	64%	64%	64%	65%	63%	68%	65%
R&D	331	413	351	364	326	339	346	353	350	368	363	377	358	405	407	410	401	413	434	433
SG&A	1,745	1,710	1,539	1,455	1,751	1,781	1,706	1,710	1,941	1,840	1,831	1,896	2,118	2,300	2,079	2,045	2,227	2,281	2,229	2,313
Operating income	819	447	772	808	814	735	965	931	1,257	972	1,051	1,085	581	837	1,113	1,135	1,804	936	1,659	1,034
Operating margin	17%	10%	17%	18%	16%	15%	19%	19%	22%	19%	19%	20%	9%	14%	18%	19%	25%	16%	25%	16%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	96.0	98.0	n/a	137	159	157	154	148	141	143
Pre-tax income	757	386	720	816	761	679	899	869	1,226	923	998	1,043	528	764	1,016	1,029	1,705	850	1,564	997
Tax rate	13%	16%	9%	0%	26%	13%	18%	20%	7%	15%	17%	20%	-3%	14%	13%	17%	50%	12%	18%	24%
Net income	662	323	656	816	563	592	738	692	1,143	788	825	834	546	654	884	859	849	745	1,276	753
Net margin	14%	8%	15%	18%	11%	12%	15%	14%	20%	15%	15%	15%	8%	11%	15%	14%	12%	12%	19%	12%
Diluted EPS	$1.73	$0.84	$1.72	$2.14	$1.47	$1.54	$1.93	$1.80	$2.98	$2.05	$2.14	$2.16	$1.41	$1.69	$2.29	$2.22	$2.20	$1.93	$3.30	$1.96
Operating cash flow	1,000	203	529	889	1,003	445	688	1,050	1,528	204	633	1,474	1,931	250	1,111	1,540	2,143	581	1,261	1,461
Capital expenditure	206	119	143	138	188	130	152	148	145	167	152	170	266	123	183	187	268	166	202	237
Free cash flow	794	84.0	386	751	815	315	536	902	1,383	37.0	481	1,304	1,665	127	928	1,353	1,875	415	1,059	1,224
Dividends paid	237	262	263	263	263	284	285	285	285	304	305	305	305	320	321	322	321	337	337	338
Shares outstanding	378m	378m	378m	378m	379m	380m	380m	380m	380m	381m	381m	381m	382m	382m	382m	382m	383m	383m	384m	381m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 11 May 2026: the filing.